EMagin Drops After Earnings Miss: CEO Blames Mixed Results On Timing, Delayed Revenue

Electronics components maker eMagin Corp EMAN reported first-quarter FY23 sales decline of 11% year-on-year to $6.59 million, missing the analyst consensus estimate of $7.56 million.

• The gross margin for the quarter contracted 1200 basis points to 22% with a gross profit of $2.5 million.
• Operating expenses as a percentage of sales rose to 61% from 50% last year.
• The operating loss for the quarter expanded to $(2.5) million.
• The company had cash and equivalents of $4.2 million as of March 31, 2023.
• EPS of $(0.03) missed the analyst consensus of $(0.01).
• CEO Andrew G. Sculley: "First-quarter results were mixed due to the timing of orders under the ENVG-B programs and $0.4 million of revenue that was delayed to the current quarter due to unexpected manufacturing downtime with one of our legacy deposition tools."

Price Action: EMAN shares are trading lower by 6.49% at $1.73 on the last check Thursday.